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Japan Declines Comment on BOJ’s Absence From Global Support Statement for Fed Chair Powell. Source: Asturio Cantabrio, CC BY-SA 4.0, via Wikimedia Commons 
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Mexico's GDP data for Q4 2015 came in line with expectations at 2.5% y/y. Remarkably, the Q3 data were revised higher to 2.8% y/y and 0.8% m/m, confirming robust Mexican fundamentals .
Decent growth and modest inflation give little reason for significant peso weakness. However, markets ignored the positive data and the peso lost ground on the day. However, Banxico's surprise rate hike last week alongside its new intervention policy imply that the central bank is unlikely to tolerate any excessive MXN weakness.
"This doesn't mean that investors should run and establish long MXN positions, but rather that up moves in USD-MXN should not be too severe in the coming weeks and months." said Commerzbank in a report.
